Investment funds outside of Europe are set to benefit from a new court ruling that could open the door for them to reclaim billions in taxes paid to EU governments.

The ruling from Europe’s top court Thursday related to an American-based investment fund that invested in Polish companies, but could benefit non-EU-based investment and pension funds broadly.

The Court of Justice of the European Union stated that dividends paid by companies in Poland to the fund should not have been subject to a withholding tax from which domestic mutual funds were exempt.

That allows the fund to seek a refund for withholding taxes paid and means that other non-EU funds could do the same.

Chris Morgan, head of tax policy at KPMG, which helped the US fund bring its case in Bydgoszcz, Poland, said: “It’s a very big decision.” He added that by the firm’s estimates, €3 billion in claims have already been made by funds outside the EU.

KPMG said that while the decision by the Luxembourg-based court was related to the case in Poland, the ruling is applicable across the EU and would likely lead to billions more in claims.

The fund, known as the Emerging Markets Series of DFA Investment Trust Company, had in 2010 asked the Polish tax authority for a refund of a 15% tax paid on dividends to the fund from Polish companies in 2005 and 2006.

Domestic funds were exempt from those taxes. An announcement from the court said it determined that “non-resident investment funds are in a situation which is objectively comparable to that of investment funds whose registered office is situated in Poland.”